CNBC’s notable newscaster, Jim Cramer, might quickly regret his tweet on Friday after the alleged FUD he intended to create backfired. The Mad Money host on CNBC stated in his tweet that the crypto exchange, Binance, was “sketchy” and that he would refrain from transacting with the firm.
“After listening to Tim Massad on last night’s show (former head of the CFTC) I would not do business with Binance. Just way too sketchy,” Cramer stated.
Cramer, however, received the opposite of his expected reaction, as Binance enthusiasts gathered around the world’s biggest crypto exchange and showed massive support for the firm. Many other Twitter users said the tweet meant a bullish outcome for Binance’s native coin, BNB.
Inverse Cramer?
Cramer has been outspoken about the crypto market in recent times. He made a statement earlier about Bitcoin, stating that the recent price rally of the digital asset is the best time to trash the currency.
The newscaster was also in the spotlight after he said in one of his news sessions that American bank Silicon Valley Bank was safe, urging investors to buy the financial institution’s stocks. However, Cramer ate his words after Silicon Valley Bank came crashing a few months later.
Owing to these events, Cramer’s suggestions are now taken lightly, and investors suggest he is tagged “Inverse Cramer.” A Twitter user, in reply to his tweet, stated, “I just put my entire net worth back on Binance.”
Another Twitter user reminded Cramer of his SVB call. “Didn’t you tell us to buy Silicon Valley Bank?” she asked. Carl From The Moon tweeted, “Perfect, now I am ready to deposit back to Binance. Thanks Jim, best confirmation I could have gotten.”
Market Rebound
Binance native coin BNB rebounded well from a scare earlier on Friday and is currently trading above $315. There are no guarantees the news is related to the uptrend; however, BNB showed resilience despite the FUD.
Binance and Changpeng Zhao have frequently been making headlines lately, as the CFTC and US Senators sued them for several reasons. The Commodity Futures Trading Commission sued them for violating trading rules, while the senators filed a lawsuit against them for a $10 billion financial fraud.
